The President of the United States has sought to reassure society by ensuring that the US banking system is safe after the fall of Silicon Valley Bank and Signature Bank.
Euskaraz irakurri: Biden: “Gure banku-sistema segurua da eta bezeroek gaur bertan izango dute euren dirua eskuragarri”
The President of the United States Joe Biden wanted to reassure society ensure that the American banking system is safe after the crisis created as a result of the collapse of Silicon Valley Bank and Signature Bank and which has forced regulators to take emergency measures. Biden has made sure that the customers of both banks have access to their money today.
In a brief appearance to the media, Biden’s president stated that his administration’s swift action over the weekend should give Americans sufficient confidence in the banking system, adding that his administration will make further efforts to protect customers by asking Congress and regulators about strengthen banking rules.
Likewise, Biden assures that it will not be taxpayers who will bear the losses of this crisis and that the money will come from insurance fund commissions. However, he has made it clear that investors in these banks will not be protected as “they took a risk and, when the risk fails, investors lose their money”.
Finally, he believes that the directors of both banks should not remain at their posts.
Despite regulators’ action, the collapse of both Silicon Valley banks and Signature Bank has led to losses for the stock market, and the Federal Reserve will not raise interest rates at next Tuesday’s meeting.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
